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ECO 561 Entire Course

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ECO 561 Week 1 Individual Assignment Market Equilibrating Process Paper

ECO 561 Week 1 DQ 1

ECO 561 Week 1 DQ 2

ECO 561 Week 1 Knowledge Check (Quiz)

ECO 561 Week 2 Individual Assignment Market Equilibration Process Paper

ECO 561 Week 2 Learning Team Reflection

ECO 561 Week 2 Knowledge Check (Quiz)

ECO 561 Week 2 DQ 1

ECO 561 Week 2 DQ 2

ECO 561 Week 3 Learning Team Reflection

ECO 561 Week 3 DQ 1

ECO 561 Week 3 DQ 2

ECO 561 Week 2 Team Assignment Learning Team Project Product Pricing Component (Apple)

ECO 561 Week 3 Team Assignment Market Structures Simulation (Apple)

ECO 561 Week 3 Knowledge Check (Quiz)

ECO 561 Week 4 Learning Team Project Macroeconomic Forecast Outline (Apple)

ECO 561 Week 4 Knowledge Check (Quiz)

ECO 561 Week 4 DQ 1

ECO 561 Week 4 DQ 2

ECO 561 Week 5 Learning Team Project Macroeconomic Forecast Component (Apple)

ECO 561 Week 5 Knowledge Check (quiz)

ECO 561 Week 5 DQ 1

ECO 561 Week 5 DQ 2

ECO 561 Week 6 Team Assignment (Final), (Apple)

ECO 561 Week 6 Knowledge Check (Quiz)

ECO 561 Week 6 DQ 1

ECO 561 Final Exam Guide

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ECO 561 Week 1 Individual Assignment Market Equilibrating Process Paper

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Market Equilibrating Process Paper

Write a 700- to 1,050-word paper in which you relate the concepts in this week's readings to a prior real world experience. The experience does not necessarily have to be work experience. One note; these word count figures are meant to be a guideline, but feel free to exceed this if you find it is necessary to adequately provide relevant details and clarify important points.

Discuss the market equilibrating process in relation to your experience. First define at least five key concepts including those related to the market equilibrating process. Suggestions include the laws of supply and demand, the factors that affect the supply and demand curves, market equilibrium, price ceilings and price floors, and the price elasticity of demand. Second, provide an application of each concept to the context of the real world event.

Format your paper according to APA standards.

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ECO 561 Week 1 Knowledge Check (Quiz)

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1. Revenue increases when

2. An increase in the price of an inelastic good

3. Price elasticity of demand increases when

4. The purpose of a market in a market system is to

5. By specializing in the production of one good, a company is able to benefit from economics of scale which increases its revenue. Which of the following is an attribute of specialization?

6. The market system promotes progress by

7. Productive efficiency is achieved when

8. The market is asid to be in equilibrium when

9. The market will move to a higher equilibrium price if

10. The intersection of supply and demand will be at a lower equilibrium price but a higher equilibrium quantity if

11. When a price ceiling occurs

12. Because the goals of firms, entrepreneurs, and workers have different incentives, which of the following principles applies?

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ECO 561 Week 2 Individual Assignment Market Equilibration Process Paper

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Equilibration is the process of moving between two equilibrium points as a result of some change in supply or demand. Understanding how market equilibrium is sought following such a change is essential for business managers. It is important to understand how economic principles, and specifically supply, demand, and their determents are a part of your everyday business decisions.

Write a paper, or create a PowerPoint presentation using a real world experience in a free market (not government regulated) to describe a change that occurred in supply or demand as a result of world events that led to the need for a move between two equilibrium states. Explain the process of how that movement occurred using behaviors of consumers and suppliers. Graph the movement between the two points as well.

Required Elements:

Include academic research to support your ideas

Consider the Law of demand and the determinants of demand

Consider the Law of supply and the determinants of supply

Describe Efficient markets theory

Explain Surplus and shortage

Deliver the content in no more than a 700-word paper, OR 7- to 10-slide Microsoft PowerPoint presentation (Please choose one of these choices, not both)

Use University of Phoenix Material: Appendix A to create graphs illustrating the movement between the two equilibrium points and include this in the body of the assignment.

Your assignment is consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment

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ECO 561 Week 2 Knowledge Check (Quiz)

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1. Purely competitve firms increase total revenue by

2. What are two ways for a competitve firm to determine the optimal level of production, that is, the level of production that will maximize profit or minimize losses?

3. Suppose that a firm determines that its marginal revenue is greater than its marginal cost, it would be better to

4. It is profitable for a firm to continue employing additional resources as long as

5. As additional units are produced, the marginal revenue product falls for all firms because marginal product decreases. For firms operating in industries that are not perfectly competitve, marginal revenue product also falls because

6. All things being equal, an increase in demand for a product,

7. Marginal cost can be defind as the additon to---------------------of one more unit of output.

8. If a firm stars small and, over time, builds successively larger plant sizes or adds additonal work space in an office, average total costs are most likely to

9. Demand for resources, including labor, depend on its

10. The primary difference between increasing-and decreasing-cost industries lies in

11. When adding labor or other factors of production, buisnesses may see their total product rise, but see their per-unit increase in return for each additional unit diminish. This phenomenon

12. In the short run, firms should shut down if

13. When you are considering the value of a resource in its next best use, you are considering its

14. Of the four major market structures-perfectly competitive, monopolistic competition, oligopoly, monopoly-reducing variable costs of production

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ECO 561 Week 2 Team Assignment Learning Team Project Product Pricing Component (Apple)

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Learning Team Assignment: Learning Team Project Product Pricing Component

Select an organization with which you are familiar or in which you are interested that provides a private good or service. You will want to focus on the same firm or organization as you work on each Learning Team Project assignment in this class as you build the final paper due Week 6.Examples of good firms to use as a subject include Southwest Airlines (a very successful airline), Ford (they have not declared bankruptcy), Pulte (a successful homebuilder with a historical track record), Whirlpool (their performance is very dependent on the economy), Caterpillar, Microsoft, Apple Computer, etc.

Describe the utility of that good or service to the immediate consumer (which may or may not be another organization) and the consumer needs that the product or service meets.

Discuss the number and closeness of substitute and complementary products and their impact on the pricing decision.

Explain why the demand for the product or service is relatively price elastic or relatively price inelastic. Address the following;

1) The effect on revenue when there is a change in price (assuming competitors do not follow);

2) Determine whether demand for the product or service is relatively price elastic or relatively price inelastic based on conclusions from peer reviewed or other reputable resources. You will want to consider the number and closeness of substitutes (including foreign substitutes). Justify your conclusion.

Describe the issues that affect consumer demand and the price. Describe issues related to the cost of doing business which may affect the firm's pricing decisions.

Focus on issues related to the cost of doing business that affect the firms average and marginal costs, and the pricing decisions of the firm

Suggest strategies to enhance revenue based upon all of the above information.

This document should be 1,050-1,400 words in length. APA format is required. One note; these word count figures are meant to be a guideline, but feel free to exceed this if you find it is necessary to adequately provide relevant details and clarify important points.

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